DNA Sequencing Market to Generate Revenue of $29.89 Billion By 2028 | Demand for DNA Sequencing to Increase 1200% if Per Genome Sequencing Goes Down to $100

Global DNA sequencing market size was valued at US$ 5.1 billion in 2021, and it is expected to reach a value of US$ 29.89 billion by 2028, at a CAGR of 17.9% over the forecast period (2022–2028).

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Westford, USA, Sept. 12, 2022 (GLOBE NEWSWIRE) -- As the world becomes increasingly digitized, so too does the legality of DNA sequencing market. What once was considered a fringe practice is now bustling with high-tech firms and scientists alike, thanks to advancements in technology and biomedical research. With such a wide range of applications for DNA sequencing, it's no surprise that the market for this service has exploded in recent years. This growth is expected to be driven predominantly by the increasing demand for early disease detection and personalized medicine.

Widespread adoption of DNA sequencing market will drive a number of large-scale changes in the healthcare industry. Highlights of the report by SkyQuest on global DNA sequencing include assertions that genomic sequencing is poised to fundamentally transform preventative healthcare, optimize drug development and clinical trials, and resolve novel patient care challenges.

In terms of preventative healthcare, genomic sequencing is being increasingly used to identify individuals at risk for developing certain diseases such as cancer and heart diseases. Every year, more than 10 million people succumb to cancer across the globe and cardiovascular diseases takes lives of more than 18 million people. In facts, CVD accounts for 32% of the global deaths. This offers a lucrative growth opportunity for DNA sequencing market.

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Our study suggests if genomic sequencing were used in conjunction with other data sources, it could help to identify individual patients who have an increased risk for developing heart disease. In drug development and clinical trials, DNA sequencing market can provide precise insights into how well a particular drug is working in human subjects. This information can then be used to make better decisions about whether to continue clinical trials or move forward with marketing approval.

The growing demand for DNA sequencing market is creating new opportunities for researchers and businesses. People are turning to DNA sequencing to learn more about their family history and medical conditions. In addition, companies are using DNA sequencing to identify potential new products and ingredients.

Precision Medicine to Offer DNA Sequencing Market an Opportunity Worth 125 billion by 2030

As the technology of DNA sequencing continues to develop, so too does the potential for precision medicine. This field of healthcare provides clinicians with a much more detailed understanding of a patient's biology, which can lead to better surgical outcomes and improved treatments. By sequencing a person's entire genome, clinicians are able to identify any mutations that may be causing medical conditions. In some cases, in the DNA sequencing market, this information can be used to recommend targeted treatments that improve the patient's odds for success. In fact, the market for precision medicine will exceed $125 billion by 2030 according to a report by SkyQuest.

In 2021, healthcare providers in the US initiated precision genomics mammography screening for all women over 50 who received notification of their personal BRCA genetic testing results. This intervention has resulted in reduced mortality rates for these women with breast cancer by about 25%.

One specific application of precision medicine is genomics in cancer diagnostics which uses DNA sequencing to identify particular genetic mutations or biomarkers such as those that can cause the cancer. By using genomics, researchers have been able to develop targeted treatments for various diseases in the global DNA sequencing market. For example, BRCA1 and BRCA2 are genes implicated in cancer but scientists discovered that some women who carry mutations in these genes also develop breast cancer at a much later stage than those without the mutation.

SkyQuest study found that the number of organizations applying genomic sequencing services is increasing rapidly. They cited clinical trials (62%), diagnostics (57%), research (49%), and agriculture/natural resource management (40%) as some of the reasons why they are using DNA sequencing technology. However, there are significant challenges to meet the next level of sequencing accuracy and throughput needed for precision medicine in the DNA sequencing market. These include fast and low-cost DNA analysis; robust data interpretation; improved data quality; interoperability between different platforms; automated workflow for data integration and sharing; and automated interpretation.

SkyQuest’s report global DNA sequencing market has identified key market dynamics, growth opportunities, value chain analysis, distribution channel, pricing analysis, and top players and their offering, revenue, and growth strategies.

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Cost of Genome Sequencing to Decline From $100 Million in 2001 to $100 by 2030

There has been a significant decline in the cost of genome analyzers in recent years, thanks to continuous advancements in fabrication technology and improvement in analytical methods. This has made it possible for more people to access this powerful tool across DNA sequencing market, which can help unlock the secrets of their health and genetic makeup.

The cost of sequencing a person’s genome has been steadily declining for the past few years. In 2001, the cost was about $100 million for a single genome sequencing run. Today, the cost is around $1,000-2,000 per genome sequence, which is expected to reduce to $100 per genome by 2030. As a result, the demand for DNA sequencing is projected to increase by 1200% in the coming years as more people will be encouraged to perform the sequencing at lower cost. In addition, the genome analyzer is likely to face significant a decline in the overall production cost in the years to come.

This decrease in price has led to a proliferation of genomic sequencing applications beyond traditional human genetics research in DNA sequencing market. The NHS England announced earlier this year that they will be using genomic sequencing to identify pancreatic cancer cells in patients before they become symptomatic. This type of screening could save many lives.

There are also applications for genomic sequencing in agricultural research, medicine, forensics and security. The decreasing cost of genomic sequencing is opening up new opportunities for researchers and companies across industries.

SkyQuest has published a report on global DNA sequencing market. The report provides insights about current developments and technology landscape and their impact on overall market. This, in turn, would help market participants in understanding what competitors are doing, how would it impact business of existing players, market response, and adoption among laboratories, among others.

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Prominent Players in Global DNA Sequencing Market

  • Agilent Technologies, Inc. (US)
  • Thermo Fisher Scientific, Inc. (US)
  • Illumina, Inc. (US)
  • QIAGEN(Germany)
  • F. Hoffmann-La Roche Ltd. (Switzerland)
  • Oxford Nanopore Technologies Ltd. (UK)
  • Macrogen, Inc. (South Korea)
  • Perkin Elmer, Inc. (US)
  • Pacific Biosciences of California, Inc. (US)
  • BGI (China)
  • Bio-Rad Laboratories, Inc. (US)
  • Myriad Genetics (US)

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